Tinubu Writes Senate, Seeks Approval for ₦1.15 Trillion Domestic Loan
President Bola Ahmed Tinubu has requested the approval of the Senate to raise a fresh ₦1.15 trillion loan from the domestic debt market to finance part of the 2025 budget deficit.
The request was contained in a letter sent to the upper legislative chamber and read during Tuesday’s plenary session by Senate President Godswill Akpabio.
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According to President Tinubu, the proposed borrowing is necessary to close the fiscal gap in the 2025 budget and ensure the effective implementation of key government programmes and projects outlined for the year.
He emphasized that the move aligns with his administration’s fiscal responsibility framework, aimed at sustaining economic growth and maintaining budget credibility despite prevailing revenue shortfalls.
Following the presentation of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North), for detailed consideration.
The committee was directed to review the proposal and report back to the Senate within one week for further legislative action.
By PRNigeria
